5 Things You Must Know About Cloud Accounting

Cloud technology is something that we all use, directly or indirectly. From storing important files and pictures in cloud storage to emails and work, or even online shopping, cloud allows us to work remotely from anywhere and at anytime. We understand the ease-of-use the cloud gives us, yet many are still dubious about adopting cloud accounting tools for their business.

Application hosting on the cloud of accounting applications like QuickBooks brings a plethora of opportunities and tools for businesses to analyze finances and keep track of cash flow. But, a research by KashFlow has found that 37 percent of traders and small business owners have heard of cloud, but do not use it. And about 27 percent have no idea what cloud actually is.

Although, those who use the cloud are full of praise for it and rightly so, as cloud technology offers an amazing amount of benefits. QuickBooks cloud hosting is extremely cost-effective, which makes it ideal for small business owners. The only reason, it seems, is the lack of understanding of its features and use.

Here are five major points everyone needs to know about cloud accounting. Some of these are not widely discussed.

1. Avoiding Difficulty

It takes an awful amount of time to create quotes for clients using templates in Word and embed them in an email to send. For a sole trader or a small business owner, all these tasks become difficult to manage, especially when you’re traveling, and it does not look professional. Using a cloud hosted software can help. Cloud based application already has your data that is automatically added in the quote template which can also be sent through an email from there itself. The software keeps track of all the details for you in one place.

2. Anytime, Any device

This is perhaps the most important benefit of cloud. Application hosting allows authentic users to login to their cloud hosted software from any remote location and at any time. All you need is a smart device and an internet connection. You can login from your laptop, phone or tablet and work on your finances effortlessly. This clearly means the modern entrepreneur is not tied to their desk, and can work from home or on tours.

3. Quick Payments

Businesses work because of smooth cash flow, payments to and from clients are necessary to ensure that. The Financial Stability Board (FSB) recently discovered that small businesses owed money, mostly because larger firms do not make payments on time. Of course, cloud accounting cannot solve this alone, but it can integrate tools that help send hassle-free instant invoices and payment reminders. The application will itself prompt you and get the template ready automatically. You can make changes if required and send the mail.

4. Compliance

Online accounting software which is in compliance with the latest developments in the tax and accounting industry is a bonus. It helps you stay compliant, pay your dues on time, and helps you not miss any deadline. This makes a positive impression of your brand name.

5. No Surprises

Sophisticated software like QuickBooks cloud automatically analyzes your financial data for you and projects results for business growth and more. It can predict your financial problems and help you see the future of your company so that you take necessary steps towards progress.

The increasing number of organizations across the globe adopting cloud hosted accounting applications is proof of it being the smart solution. Managing finances and keeping track of cash flow becomes so much easier. The best part - it is more secure and costs much less than the traditional local setup.